Mideast indexes drop in first day of trading post-Brexit
A tourist with a selfie stick takes a photograph of herself at the Sheikh Zayed Grand Mosque in Abu Dhabi, United Arab Emirates, on Wednesday, June 1, 2016. Stocks tumbled in the Middle East on the first day of trading since Britain voted to leave the European Union. AP
DUBAI, United Arab Emirates — Stocks tumbled in the Middle East on the first day of trading since Britain voted to leave the European Union.
Dubai’s main index was down 3.25 percent on Sunday. Abu Dhabi’s index fell 1.85 percent. Other Mideast indexes, which trade from Sunday to Thursday, also tumbled.
The Saudi Tadawul index, the region’s largest, was down 1.35 percent by mid-afternoon, while Egypt’s EGX 30 saw a 5.6 percent drop during trading.
The British vote brought a massive dose of uncertainty to financial markets. Stocks plunged in the U.S. and worldwide Friday.
Oil prices also sank, with the benchmark U.S. crude declining 4.9 percent, to close at $47.64 a barrel in New York. Brent crude also fell 4.9 percent to $48.41 a barrel in London on Friday. TVJ
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